The report on the investigation into South Africa's multi-billion rand arms deal must be released "sooner rather than later", for the good of the country, according to former ANC MP Andrew Feinstein.

Addressing journalists a day after announcing his resignation from Parliament, he said the arms deal saga should not be allowed to drag on for years.

The former ANC study group leader in the standing committee on public accounts (Scopa) cited unhappiness with the government and ANC's handling of the arms deal as the reason for his resignation.

Feinstein said on Friday he was extremely disappointed by the attitude his party had taken concerning the arms deal.

"I think that it (the ANC stance) has ensured that this issue has a sort of an on-going lifespan."

His own feeling was that if the deal was "clean", the ANC should have let any of the relevant agencies investigate it fully and transparently.

"Short, sharp, if anybody has done anything inappropriate on this deal, regardless who they are, they should have to face the consequences."

Unfortunately, Feinstein said, he believed "bits and pieces are going to dribble out on this thing for years".

This would not be good for South Africa's finances or for the perception of governance in the country, he said.

The arms deal is currently the subject of an investigation by the Auditor-General, Public Protector and the directorate of public prosecutions.

This follows a resolution by Scopa in November last year.

Feinstein said that based on the information he had seen while a member of Scopa, he believed - without a shadow of doubt - there was prima facie evidence that required more investigation.

"This notion that the investigation was some sort of fishing expedition is, frankly, nonsense."

It was likely there were some inappropriate procedures and actions with respect to the deal.

However, it was not right for him to pre-empt the investigator's report.

"My real hope is the investigation develops some momentum, because I think over the last few months it's credibility has been badly dented.

"I hope... they are able to report sooner rather than later." One of his frustrations was the further delay in releasing the report.

The investigators were originally set to release their report in July, but now it looked like it might only be completed in October, he said.

Asked about his plans for the future, Feinstein said he would spend September mulling over three job offers, one of which could see him leaving South Africa.

He had received numerous offers for employment over the past few months, particularly in the financial services sector.

"I got offered a lot of jobs yesterday, it's very strange...somebody else suggested I should write a book," he quipped.

Feinstein said he would be speaking to three companies that had made him firm offers, and would make up his mind during the next month.

One of the options was with an overseas-based company, which had offered him the opportunity of working part of the year in South Africa, where it had some interests.

It was something to consider, and his wife's family lived in London.

However, he had always felt strongly that people, such as himself, who had benefited hugely from apartheid, should put something back into the country.

"I've got five degrees. I think if I had been born in most other parts of the world as a normal citizen and not as a privileged citizen here, I probably wouldn't have got into university in the first place."

Feinstein said he would not be joining another political party.

"I have no other political home. I never for one moment considered joining another party," he said.

With acknowledgements to Sapa.